Miami-based Abakan has proclaimed that it has acquired a 40.97% interest in Powdermet and its advanced material technologies from Kennametal.
With this acquisition, Abakan now has an indirect and direct interest of 61.04% and a contractual right to buy up to 82.24% interest of Powdermet’s subsidiary MesoCoat, a provider of sophisticated coating solutions for ceramics and base metals.
From a research and development laboratory involved in engineered nano-powder, Powdermet is now transforming into a commercial firm offering sophisticated energy management solutions and new metal formulations for industries such as ballistic management, infrastructure and transportation.
Powdermet is currently involved in the development of four product portfolios, including, SynFoam, EnComP, MComP, and SComP. SynFoam is a range of syntactic structurally insulating ceramic composite materials exhibiting low thermal conductivity, high temperature and strength properties. EnComP is a versatile range of microstructure energy based products.
MComP is a range of metal matrix composite materials and nanocomposite metals that are ideal substitutes for magnesium, aluminum and beryllium in structural applications. SComP is a group of lightweight, syntactic metal composite materials that have potential to absorb impact energy of over 500%. These materials are ideal replacements for existing ballistic and impact materials such as aluminum alloys.
The President and Chief Executive Officer of Powdermet, Andrew Sherman, stated that Abakan, as the financial partner, will enable the company to commercialize its innovative material technologies.